Hello everyone!

EURJPY has been showing a beautiful up-channel on the 4-Hour chart during the last few weeks. It’s been for sure one of the best up-trends of the year so far. Well, as a trend trader, EURJPY has been on my watch-list all along and yesterday 25th of april I saw an opportunity to ride what I expect to be a new swing up to new heights.

The eyebrow-raiser has been the “W” formation right off the channel bottom. Once the W’s retracement trendline had been broken and retested, the only resistance level I wanted to see breached before pulling the trigger was 162.00, so I set my Stop Buy order at 162.05 which got triggered the morning after.

Have a look at the video below for a detailed walk-through of the trade.

Cheers!

POSTERIOR UPDATE #1: half position out for +75, stoploss moved to breakeven.
POSTERIOR UPDATE #2: second half closed out for +85. I am seeing weakness in the uptrend after a whole week of range-bound market price action.